adj. referring to money deposited with the clerk of the court by a person or entity
who knows that the money is owed but does not know to whom they should pay it until
the outcome of a lawsuit between two other parties is decided. In short, the party
handing over the money is saying "Here is the money. You two argue over it, but
spare me the trouble and cost of the suit. " Example A contractor buys supplies
from a hardware store on credit. The store is owned by two people who have dissolved
their partnership and are fighting over who owns accounts receivable, including
the funds owed by the contractor. The contractor knows he owes the money for his
supplies, wants to meet his obligations, and wants to get rid of the debt. So the
contractor gives what he thinks he owes the hardware store to the court to hold
while the two former partners settle their differences.
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